it doesn't dry like fondant or gumpaste. it becomes pliable when you apply heat (e.g. kneading it with your hands) and solidifies when the temperature decreases (e.g. leaving it at room temperature). it's pretty similar to fondant if you want to make accents (e.g. cut-outs). you can roll it out with a surface dusted lightly with powdered sugar and cut it up.

i'm not sure about making big loopy bows, so i hope someone else chimes in. i like it for modeling, and i'll even mix it in with my fondant.

I made a regular bow out of modeling chocolate and it worked fine. I was in a hurry so I popped the pieces in the fridge for a couple minutes so they would harden faster and then traveled with the cake in a plastic carrier for a 2 hour car ride on a pretty warm day in Florida and didn't have any issues with the modeling chocolate getting too warm or not holding its shape. I though it was really easy to work with.